Record Bitcoin Revenue For Square In First Quarter Of 2019

It has been reported that Square, a payments company based in the United States, has revealed strong growth in Bitcoin sales through its mobile application dubbed as Cash app.

Square is founded by Bitcoin bull and Twitter co-founder Jack Dorsey reported $65.6 million in Bitcoin revenue for Q1 of 2019 with a Bitcoin cost of $64.7 Million netting them around $832,000 profit.

The recent financial performance tops its previous all-time high for Square which stands at %52.5 million of revenue with a net profit of $490,000 back in 2018.

It also represents an 80% gain over the previous quarter.

While the profit figure is miniscule compared to the company’s total revenue for the quarter which stands at $656 million the increasing revenue is a good sign that retail investors might be regaining confidence on the asset which has seen one of the longest bear market in its short life span.

Malware Capable Of Shutting Down Other Miners

According to news reports online the largest power provider in Canada has set aside an additional 300 megawatts of discounted power supply for new Bitcoin mining projects.

The city of Quebec in Canada aims to lure cryptocurrency miners by offering electricity and its energy authority Regie de lenergie asked energy provider to allocate additional discounted energy allocations for the budding industry.

This comes at a time when China mulls an outright ban on Bitcoin mining in the country which has been for several years has been the center of most mining operations

Hydro-Quebec has already allocated around 368 megawatts of discounted energy for crypto miners and with the new regulations it will increase this allocation to 668 megawattsl

Interested parties must submit an application outlining their plans on job creation for the area as well as how they plan to attract investment in the region; they are also expected to have plan to recover heat to offset the energy waste from mining.

Malware Capable Of Shutting Down Other Miners

It has been reported that the Shellbot cryptojacking malware has been updated and now capable of new features to wreck havoc to the mining industry.

This discovery was reported by a Boston-based cybersecuriy firm Threat Stack which claimed that Shellbot which was discovered back in 2005 has received a major update.

Shellbot originally was capable of brute-forcing the credentials of SSH remote access services on Linux servers protected by weak passwords and was subsequently updated to mine Monero with the permission of the owners.

According to the security company the new iteration of Shellbot is capable of spreading through an infected network and shutting down other miners running on the same machines.

This recent discovery highlights the importance of cybersecurity in the crypto space as mass adoption begins to accelerate so does the threats that seeks to exploit the budding industry.

Canadian Provinces Compete For Bitcoin Mining Businesses

While China is planning of totally shutting down Bitcoin mining operation entirely in the country, there are other countries the world are eager to replace its place as the prime location for crypto mining operations such as Canada.

Individual provinces in Canada are responsible for energy issue and it seems there is a growing competition among these provinces to lure in crypto mining business.

In fact one the largest Canadian province has requested the largest energy provider in the country to allocate more discounted energy supply for the emerging industry which will enable it to have the same hydro rate as the largest industrial customers.

The president and founder of Bitfarm, the only major Bitcoin mining company in Quebec, Pierre-Luc Quimper expressed his delight of the decision of Quebec and will help his company secure long-term operations in Quebec.

He also adds that the decision of the Quebec Energy Board is a major victory for not only Bitcoin miners in Quebec but also for Bitcoin in general since mining is an essential part of securing the Bitcoin network.

Labor Party In Australia Donates $2.1 Million To Blockchain Academy

It has been reported that the Australia Labor Party has committed $2.1 million with the aim of creating Australia’s first Blockchain Academy which will be located in Perth.

The Australia Labor Party wants to make sure that the subcontinent would not be left behind in the global race for the adoption of blockchain technology.

According to Ed Husic, Shadow Minister for the Digital Economy, acknowledges that Perth is already booming with different blockchain-based startups and the establishment of the Blockchain Academy would help it accelerate its growth.

He criticizes current government administration for slow in equipping the working population with digital and technical skills in the budding industry and failed to tackle major tech skills shortages that are holding back Australian business.

He states that the Labor party wants to address this and if the academy is successful in achieving its goals in the initiative a similar education institution model could be extended to other cities in the country.

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